Register to receive a free U.S. Market Report Suite for Laparoscopic Devices – MedSuite report synopsis and brochure
ReShape Lifesciences, a prominent company in the gastric device market, has exhibited their LAP-BAND technology for the first time since its acquisition. The LAP-BAND was shown at the Minimally Invasive Surgery Symposium (MISS) in Las Vegas from February 25-28, 2019.
ReShape Lifesciences targets its innovations towards the treatment of obesity and metabolic diseases. The LAP-BAND was previously owned by Apollo Endosurgery, who had acquired it from Allergan. The product is intended to provide a long-term yet minimally-invasive treatment for severe obesity, giving patients an alternative to other, more invasive obesity-reducing procedures, such gastric bypass or sleeve gastrectomy. By reducing gastric volume, the device is designed for rapid weight loss in obese to morbidly obese patients.
Market research published by iData Research finds that the LAP-BAND was previously sold to Apollo Endosurgery by Allergan due to a steep decline in unit sales for the gastric band market. The market is currently experiencing severe cannibalization due to a recent shift towards gastrectomy procedures. While the severity of this decline is likely to slow over time, the gastric band market is expected to continue its descent at a negative double-digit CAGR until 2023.
Upon ReShape Lifesciences’ acquisition of said product line, Todd Newton, Apollo’s Chief Executive Officer, stated: “Our Surgical product line has served an important purpose for us, but it is no longer a strategic fit with our focus on our Endo-bariatric products and therapies. We also remain very bullish on the potential of the intra-gastric balloon market. We believe it is in the best interest of Apollo’s customers and shareholders that we direct our attention exclusively to the growth opportunities being afforded to us from these products.”
For More Information
More on the laparoscopic device market in the U.S. can be found in a series of reports published by iData Research entitled the U.S Market Report Suite for Laparoscopic Devices.